Working with financier!

[Lee Lockhart]

Hi Biggerpockets, I own 5 properties free and clear. All are vacant and need rehab. An investor offered to cover the rehab costs in exchange for 50% ownership. He proposed I could buy him (pay him back) out in 1 to 2 years. Is this a good deal or bad deal? Rehab costs range from $35k to $120k. ARV's range from $85k to $215k. He's charging around current market interest on the money (around 3.5%). He is open to growing the porfolio to as large as we want to grow: 20, 50, 100+ properties, multiunits, etc... So the opportunity to grow this to scale is a possibility... He has his own money and access to other investor's funds as well... Im the construction expert so I will handle that. He's a CPA so he will address tax issues, etc... We will work together in all aspects.. Of course we will draw up contracts and have our separate attorneys to protect our individual interests.. If I received a loan from the bank or HML, isn't their lien similar to ownership in the property until I pay them off? What do you think? Im just trying to figure it out! Thanks